Fintel Energija, the sole renewable energy company listed on the Belgrade Stock Exchange (BELEX), has adopted a decision to launch projects to build three new wind farms in Serbia. The 572 MW Maestrale Ring will be the largest onshore wind farm under construction on the entire European continent, the company said.

Fintel Energija, wholly owned by Italy’s Fintel Energia Group, has set up special purpose vehicles (SPV) to develop the Lipar (10 MW), Lipar 2 (10 MW), and Maestrale Ring (572 MW) wind energy projects. The new projects, to be located in Serbia’s province of Vojvodina, will be 100% owned by Fintel Energija, said CEO Tiziano Giovannetti, according to reports.

The projects will fast-track Serbia’s energy transition from fossil fuels to clean energy, according to Giovannetti.

The decision on the new projects will boost the installed capacity of the company’s projects under development from 352 MW to 994 MW, which will make Fintel Energija one of top European wind project developers, said Giovannetti.

The company recalled that it successfully completed its initial public offering (IPO) and started trading on BELEX last year.

Fintel Energija has majority stakes in MK-Fintel Wind and MK-Fintel Wind Holding, its joint ventures with Serbian agribusiness-to-banking company MK Group, owned by businessman Miodrag Kostić.

Construction of Košava 1 wind farm nears completion

MK-Fintel Wind controls the 69 MW Košava phase 1 wind farm whose construction started in June 2017. At the end of February 2018, MK-Fintel Wind announced that it had secured EUR 81.5 million in lending for the completion of the Košava phase 1 wind farm, a project worth EUR 118 million, whose construction is expected to wrap up in late 2019. According to the company’s statement today, the construction of Košava 1 is nearing completion.

MK-Fintel Wind Holding owns the other wind farms in Serbia built by Fintel Energia Group and MK Holding. The companies opened the 9.9 MW Kula wind farm, Serbia’s first, at the end of 2015, and the 6.6 MW La Piccolina wind farm in October 2016.